LaMalfa Supports Financial CHOICE Act
(Washington, DC) – Congressman Doug LaMalfa (R-Richvale) issued the following statement after the House passed the Creating Hope and Opportunity for Consumers, Investors, and Entrepreneurs (CHOICE) Act, which provides regulatory relief from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
LaMalfa said: “When Dodd-Frank was passed in 2010, it took financial choice out of the hands of consumers and placed it into the hands of Washington bureaucrats. Without a doubt, Dodd-Frank – and the Consumer Financial Protection Bureau it created – have hurt the American economy and severely hindered job-growth. It made the biggest banks bigger while often directly leading to the closure of many local banks and credit unions in Northern California. The Financial CHOICE Act will do what Dodd-Frank could not – that’s ending bailouts, protecting consumers, and holding Wall Street and government bureaucracies accountable. Under this bill, no one will be too big to fail, but more importantly, no one will be too small to succeed.”
Failures of Dodd-Frank:
- Contains more regulations than all other bills passed during Obama’s presidency combined – including the Affordable Care Act.
- Community banks and credit unions do not have the resources to navigate the excessive regulations, leading to an average of 1 community bank or credit union closure each day.
- Enables big banks to grow even bigger due to less competition.
- Created the unaccountable Community Financial Protection Bureau (CFPB) to generate unlimited regulations without any oversight.
- Led to the slowest economic recovery in 70 years.
- Makes having access to banking services more difficult and severely limits access to free checking.
- Failed to end “too big to fail” policy that bails out Wall Street banks.
- Failed to hold Wall Street accountable for financial fraud and abusive banking practices.
The Financial CHOICE Act will:
- End taxpayer-funded bailouts once and for all and ensure no company remains “too big to fail.”
- Hold Wall Street accountable with the toughest penalties in history for fraud and deception.
- Increase choice and opportunity for consumers by reclaiming power from the administrative state and returning it to the people.
- Rein in the rogue CFPB to empower all Americans to achieve financial independence.
- Empower Main Street small businesses, innovators, and job creators by eliminating onerous Washington regulations that are stifling access to credit and capital.
- Require a cost-benefit analysis for any future rulemaking/regulation.
- Promote competition for the growth of small businesses by encouraging investment and innovation in the marketplace.
Congressman Doug LaMalfa is a lifelong farmer representing California’s First Congressional District, including Butte, Glenn, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sierra, Siskiyou and Tehama Counties.